Indian Gold Market Falls Before Sovereign Gold Bond Opening Date: Indian gold market dries up just before the sovereign gold bond (SGB) scheme’s date of opening due to the fact that the US Dollar index (at 108.03) is exploding across the globe. On the 20th of August, the rate for 22-carat gold was Rs. 47,800/10 grams. The 24-carat gold prices were approximately Rs. 52,150/10 grams.
According to data from the government, the upcoming SGB series will begin trading between August 22 and the 26th of August 2022, and the price of the issue is set at Rs. 5,197 per gram, which is in line with the previous three days of 24-cart gold prices on the Indian market. SGBs are among the most secure digital gold investment options in India with the assurance of the RBI.
Indian gold prices are influenced by the market trends worldwide therefore, domestic investors are observing closely the US Fed’s policies on money, as well as US Bond yields, to predict the trend in the market. The world metal market too is anticipating the US Fed’s policies on monetary policy. RJO Futures senior commodities broker Bob Haberkorn told Kitco News, “The Fed will likely keep a tight rein on rates that are higher going forward. The reason why gold’s price is steady and slowing down right now.
If something changes in the Jackson Hole symposium that could affect the market for gold significantly. It is not expected. But, they could be saying something about the current housing market crisis or the retail industry. In general, the market is in good condition in light of the rate hike discussion. Are the markets telling us the Fed isn’t as in the future as it was? The gold market has an entirely different story since gold prices are competitive against Treasury rates.”
Today The Comex gold-related futures trade at $1,760.30/oz dropped by 0.62 percent, compared to the previous trading day. Yesterday, it was quoted at $1,771.20/oz. The yellow metal sank by 4.42 percent in the market for futures. Spot gold prices were the last time quoted at $1748.60/oz and climbed by 0.63 percent from the day before. Its US Dollar index is quoted at 108.03. In India India’s Mumbai Commodity Exchange (MCX) the October futures on gold were valued at Rs. 51505/10 grams. It was down 0.19 percent, compared to the day of trading on which it was traded.
Gold rates are quoted differently, daily. Today’s gold rates in major Indian cities follow:
|City||22 carat (INR/10 Grams)||24 carat (INR/10 Grams)|